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Most of the $19.8 billion fourth-quarter profit reported by American International Group is pure fantasy, a gift from the U.S. taxpayer that was created when the Treasury Department twisted an existing tax loophole. In essence, the Treasury created an exemption for the companies that it owns, which includes AIG, according to The New York Times.

Germany's Bundestag approved a €130 billion rescue program for Greece. However, politicians are not convinced that abandoning Greece would be "incalculable and therefore irresponsible," as Chancellor Angela Merkel has warned.

Seventy percent of financial advisers surveyed by Gallant Distribution Consulting said they are increasing use of dividend-paying equities to get higher returns for clients in a time of historically low interest rates. Returns from fixed-income investments are so low that many advisers are spending more of their time on retirement planning, insurance and estate planning, the survey found.

Schroders plans to introduce a fund investing in European equities next month. The Schroders ISF European Total Return fund is designed to deliver absolute returns through investment in European equities and equitylike securities.

Most of the $19.8 billion fourth-quarter profit reported by American International Group is pure fantasy, a gift from taxpayers that was created when the Treasury Department twisted an existing tax loophole, Andrew Ross Sorkin writes. In essence, the Treasury created an exemption for companies it owns, including AIG, Sorkin writes.